Sales of existing homes in Canada held steady in March from the previous month, with stable demand in most large urban centres, the Canadian Real Estate Association said Friday. On a seasonally adjusted monthly basis, home sales edged up 0.1 per cent from February, CREA said.
But Douglas Porter, deputy chief economist at BMO Capital Markets, sounded the alarm about Vancouver’s “jarring” 30-per-cent increase in sales, which flew in the face of declines in 21 of the other 24 major markets.
“The one market that can in no way be described as calm is Vancouver,” Porter said in a morning note. Price increases in Metro Vancouver are also skewing national average prices, he said. While the average Canadian house price rose to $366,000, that number would have been 11-per-cent lower ($327,000) if Vancouver was taken out of the mix.
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